Some high-profile celebrities are breaking into real estate
5/12/2014 | Real Estate Blog
Some industries require professionals to undergo years of rigorous training before they may interact with clients. However, other industries are more flexible. They allow interested individuals to pursue opportunities and to be creative about their approach. Arguably, real estate is one of the most varied, interesting and flexible industries that one can venture into.
As a result, individuals from every conceivable kind of background seem to find their way into real estate. Over the past several years, many celebrities have begun pursuing real estate as a secondary career. For example, the Wall Street Journal recently profiled the real estate development career of Rob VanWinkle. VanWinkle is most commonly known by his rap name, “Vanilla Ice.”
VanWinkle has begun building and renovating residential homes injected with a certain kind of flair. For example, one of the homes he renovated is now outfitted with an infinity pool dotted with glow-in-the-dark tiling to remind viewers of a starry night sky. VanWinkle told the Wall Street Journal that, “The same passion that I would use to make my music, I apply to what I’m doing now.”
Actors, musicians and even sports stars are increasingly choosing to develop real estate as a secondary career. This shift illustrates the fact that the real estate industry tends to be more creative, engaging and dynamic than one might think.
But whether you are looking to sell real estate or purchase it and whether you are negotiating with a celebrity or a seasoned broker, it remains critical for you to consult an experienced attorney before signing any paperwork. Some of the most creative aspects of the business can benefit all who are involved, but if the legal contracts governing any real estate transaction are not fair and properly executed, you could suffer frustrating consequences down the line.
Source: Wall Street Journal, “Celebrities Who Make Real Estate a Second Career,” Candace Taylor, May 1, 2014